Delhi-based WiFi analytics startup i2e1 (information to everyone) has raised $3 million in Series A funding led by impact investment firm Omidyar Network.
A statement released by i2e1 said that some of organisation’s existing investors, Auxano Ventures and 3one4 Capital (a company backed by Mohandas Pai), participated in the round. i2e1 currently services over 3,000 locations across 75 cities in the country.
“Using data collected from user sign-ins at brick and mortar establishments, i2e1 creates an analytics intelligence suite similar to Google Analytics, tailored for offline businesses. This strengthens defensibility for offline retailers in comparison to their online counterparts who collate real-time intelligence on their users,” i2e1 spokesperson said in a statement.
“At i2e1, our goal has always been to build a connected ecosystem where information is available to everyone at the right time and place. Retailers in India are slowly realizing that Wi-Fi as a service not only increases customer delight, but can also be used to understand customer behaviour patterns when utilized effectively,” said Satyam Darmora, co-founder, i2e1.
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The company plans to use the funds to scale its existing operations and launch a mobile application. It aims to reach 10 million users across India in the next few years, said the statement.
Siddharth Nautiyal, investment officer, Omidyar Network, said, “Despite advancements in infrastructure from telecom companies, significant gaps exist across Internet connectivity and affordability for the masses, paving the way for increased Wi-Fi proliferation to enable ubiquitous and low-cost access… i2e1 has the potential to become the de facto gateway to the Internet for millions, empowering offline retailers with rich user insights and smarter decision making.”
Incubated in IIT Delhi, i2e1 had raised $500,000 in seed funding in December 2015 from growX ventures, Pai, Rajan Pandhare, Debasish Mitter and Singapore Angels.